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accelerator or catalyst for technological change that had been nascent in the insurance industry beforehand . “ The pandemic has certainly exacerbated issues relating to cybersecurity , business continuity , cost management , capacity optimisation and reprioritising to competitiveness ,” says Fernandes . More than ever , insurers need dynamic control in order to scale appropriately in relation to modern challenges . The flexibility and precision of cloud to facilitate this makes it an obvious choice over legacy systems ; investing in a proven platform eliminates the need to ‘ reinvent the wheel ’ and instead provide a readymade framework upon which the company ’ s main focus ( i . e . customer experience ) can take centre stage . “ Nowadays , IT still has to spend 50 %+ of its budget and resources on maintenance for existing systems rather than digital innovation and is often limited to providing only the necessary level of IT agility ,” adds Stonell . “ Increased IT agility which goes above and beyond basic requirements will allow IT to act more as an innovation partner for the business .”
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